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Morning Guys, my post yesterday "share price just taking a breather" very happy to have been so wrong! According to Malcy 2nd pigging could take up to 6 weeks from 5th June already 10 days in. Then a quiet period with FDP approval, funding, update on appraisal well for Harvey and purchase of onshore reception facilities at the Perenco Bacton terminal. Have I missed anything? Sold some into rise far too early so hoping to top back up cheaply, lol
Taking a bit of a breather which is good as others have said last thing we want is a spiking price, interesting that I can get a quote to sell 200,000 no problem but cant get one to buy 10,000. Make of that what you will. Here LT GLA
As far as I am aware 2nd pigging won't be done for a few weeks need to get vessel etc. but we already know pipeline is sound, held up to pressure tests and looks pretty free from corrosion, 2nd pigging will be to provide info regarding thickness of walls will inform on maximum pressure and max.volume of gas to be transported.
Off Topic UKOG Markwells Wood application was to frack in a source protection zone for the aquifer supplying drinking water to over 250,000 people, amongst protesters were the local water company yet they reckon in their 3/4/18 RNS that this prospect is still on ongoing option. The words, not a hope in hell come to mind also wouldn't touch with a bargepole.
The sooner GE get rid of all their shares the better. The recent transfer to Burggraben Holding AG is to all our benefit. Vague hope that any future equity raise may be taken up to some extent by Burggraben but WTFDIK. Remember IOG stating somewhere that they wanted to broaden out the investor base. The long and short of it is that anyone in anywhere near LOG average should do well, regardless of fretting over buys / sells which now appear harder than ever to figure out especially as we are always the last to know what is really going on.
Jholder, Looked at this some time ago I understand that the pipeline was last used in 2014 and was decommissioned because it was no longer needed, rather than end of life. The Perenco "Thames Complex decommissioning Report" from Oct 15 refers to Supporting Documents �THAMES PIPELINE SURVEYS - C13021b� for details of pipeline conditions" I have been unable to access this part of the report however, IOG, will obviously have seen it prior to purchase plus subsequent monitoring information. The pipeline was blocked at either end and flooded with sea water, the report states "Surveys indicate pipelines and umbilicals will remain buried with flooding. Degradation will occur over a long period within seabed sediment" IOG have estimated the pipeline should be good for a further 10 - 20 years and have stated that many pipelines from the 60's were over engineered. The remedial work required to bring it back into service should be minimal as compared to funding a new pipeline. http://www.perenco-uk.com/sites/perenco-uk.com/files/documents/Thames%20Decommissioning%20Programme_0.pdf
edgar222 apologies was posting link at same time as you.
Forget last message, found it. https://www.ogauthority.co.uk/media/4881/30th-round-table-of-potential-awards-by-block-may-2018.pdf
Civhb Have found OGA press release but no details on what blocks have been awarded and to who so do you have a link please.
Longside is correct. In case anyone wants to double-check this. Aim rules handbook - Rule 17 page 9 "An AIM company must issue notification without delay of: � any relevant changes to any significant shareholders, disclosing, "insofar as it has such information" relevant changes - "Changes to the holding of a significant shareholder above 3% (excluding treasury shares) which increase or decrease such holding through any single percentage". http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aim-rules-for-companies-july-2016.pdf
Despite not getting any notifications I still think it is BHGE, makes no difference to them when they sell.
GG Thanks very much for the very detailed reply much appreciated, your industry knowledge is extremely helpful. Some aspects I was aware of but, your reply has put everything very neatly into context.
GGiS Referring to the diagram you posted some time ago of typical progression of exploration projects through to development, I guess as all the prospects have previously been drilled except Harvey we are progressing towards the end of the medium risk zone? https://oilprice.com/images/tinymce/2016/Zombe3.png
Peakview - four months to August FID when this should have all come together, and the herd will follow.
Longside - yes good points thanks. Plenty going on up til August to keep us entertained, and more regular updates will be welcome.
it will not re rate until initial integrity results are known, not long to wait. Cheers GGiS for your helpful posts, it all leads from here, very happy to continue to hold long term now! GLA
I meant bed and ISA !
14.31 trades were mine xfer to ISA
The Pipeline acquisition SPA deadline was extended to 31st March and was not further extended. Based on previous RNS that preparation work has started at Bacton for the pigging, the Fugro Galaxy continuing to survey after 31st March and period of exclusivity on Bacton purchase until September 2018, the assumption must be that the pipeline acquisition is very close to being completed. It's possible that if all the conditions in the SPA have been met by the agreed date it would not need to be extended but may still be awaiting some final detail before the deal can finally be completed. The alternative is that at the last minute the sale has fallen through but if that were the case IOG would have had to notify. So expecting news any day now. Very frustrating.
finnCap rating now corrected. Thanks again to Longside for pointing out the error. Fugro Galaxy heading back to shore looks like survey may now be complete. Operational Update February 2018 stated "The regulatory approvals process is now at an advanced stage for the acquisition of the Thames pipeline" so can only assume all is still going to plan. GLA